Newport News, Hampton County, Virginia Property Taxes
The median property tax rate in Newport News, VA is 1.15%, notably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $179,900 in Newport News, the typical annual property tax bill amounts to $2,050, which is below the national median of $2,690. Property taxes in Newport News are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Newport News's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Newport News or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newport News, Hampton County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$2,069
$1,920
Ownwell’s Newport News Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport News with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport News to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Newport News, Hampton County, Virginia
Property taxes in Newport News, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport News is 1.15%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Newport News set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport News estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Newport News's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23607 zip code has the highest median property tax rate of 1.20%, while the 23605 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Newport News provides valuable insights into the varying tax landscape across Hampton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport News Tax Rate
1.15%
Average Hampton County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport News, Hampton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23605 | 1.04% | 1.13% | 1.15% | 1.17% | 1.20% |
| 23607 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Newport News, Hampton County, Virginia
In Newport News, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local assessment authority for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Newport News, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Newport News helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Newport News is $2,056 in the 23605 zip code, while the lowest median tax bill is $1,426 in the 23607 zip code. Comparing these figures to the national median property tax rate of 0.99% can offer additional insights into local tax burdens.
Property Tax Assessment Values Across Newport News, Hampton County, Virginia
Source: Ownwell
$180,000
$223,150
$266,300
Average Newport News Assessed Value
$179,900
Average Hampton County Assessed Value
$222,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport News, Hampton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23605 | $143,960 | $161,675 | $180,250 | $205,925 | $230,870 |
| 23607 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Newport News, Hampton County, Virginia
In Newport News, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is then multiplied by the city's property tax rate to determine your annual tax bill. Factors that influence the assessed value include the home's market value, its condition, and any improvements made to the property. Homeowners in Newport News can expect varying tax bills depending on their property's assessed value. For example, the median home price in Newport News is $179,900. The tax bills can range significantly, with the 25th percentile at $1,816 and the 75th percentile at $2,318. The highest median tax bill in the city is $2,056 in the 23605 zip code, while the lowest is $1,426 in the 23607 zip code. Compared to the national median property tax rate of 0.99%, Newport News offers a competitive landscape for homeowners. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Newport News Tax Bill
$2,050
Average Hampton County Tax Bill
$2,401
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport News, Hampton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23605 | $1,349 | $1,820 | $2,056 | $2,319 | $2,572 |
| 23607 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell